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Government set to extend help-to-buy scheme

29th July 2020

A scheme which is designed to help those who are struggling to save for a mortgage deposit might be extended, according to a report.

The Financial Times claims the Government is on the verge of announcing plans to extend the help-to-buy equity loan scheme.

To qualify for the scheme, which only applies in England, buyers need to complete the purchase of a new-build property by 31 December 2020.

They can borrow up to 20% of the cost of a new-build home from the Government, and up to 40% in London.

But ministers fear those attempting to buy a new-build home currently face delays caused by the closure of building sites during lockdown.

As a result, some buyers face an anxious wait for their new-build homes to be ready before the December deadline.

From April 2021, a new scheme is due to implement regional property price caps and be limited to first-time buyers only.

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